TUCSON, ARIZ. — University Communities LLC has purchased a 76-unit apartment property, located at 1050 E. 8th Street in Tucson, for nearly $8.29 million. PICOR Commercial Real Estate Services’ Bob Kaplan represented the seller, 8th Street Apartments LP, in the transaction. Built in 1968, the multifamily community is master-leased to the University of Arizona.
HOUSTON — Holliday Fenoglio Fowler (HFF) has closed the sale of Coral Gables Apartments, a 318-unit multifamily community located at 10522 Beechnut St. in southwest Houston. Houston-based CG Properties purchased the apartments for an undisclosed amount and was represented by David Fantin and Heidi Castiglione of LS Realty Advisors. HFF marketed the foreclosed property on behalf of the seller.
POMONA, CALIF. — Marcus & Millichap has presided over the $5.5 million REO sale of the 95-unit Kingsley Apartments, located at 1302 East Kingsley Ave. in Pomona. Consisting of seven two-story buildings, the Kingsley Apartments offers an estimated 76,084 rentable square feet and includes 95 garage spaces. Marcus & Millichap’s Kevin Struve represented the financial-institution seller in the transaction, and the brokerage firm’s Bill Melton represented the private-investor buyer.
EVANSTON, ILL. — Cambridge Realty Capital Cos. has closed on a $7.4 million FHA-insured HUD LEAN loan for Ebenezer Primm Towers in Evanston. The senior-living community offers 107 independent-living apartment units. The fully amortized, 40-year term loan was arranged for the property's owner, an Illinois corporation.
RALEIGH AND CHAPEL HILL, N.C. — Federal Capital Partners and Grubb Properties have made a joint venture investment in two multifamily properties in North Carolina. The venture, which is valued at $42 million, includes Riverwoods apartments in Raleigh and Glen Lennox in Chapel Hill. The joint venture acquired Riverwoods, a 174-unit property located on Six Forks Road, from Duham, N.C.-based Dilweg Companies. Andrea Howard of Grubb Properties represented the joint venture in the acquisition, while Steve Heffner of CB Richard Ellis Capital Markets helped the joint venture secure financing through Freddie Mac. The partnership plans to reposition the property as Sterling Forest Apartments. Jason Nettles of Holliday Fenoglio Fowler represented the seller. The 440-unit Glen Lennox is located on Hamilton Road. Dean Smith and Blake Oakland of Apartment Realty Advisors represented Grubb Properties in the acquisition.
RALEIGH, N.C. — Drucker Falk has added four apartment communities totaling 776 units to its fee management portfolio in North and South Carolina. The properties include the 168-unit the Tides at Town Center in Calabash, N.C.; the 124-unit Summerlyn Apartments in Raleigh; the 212-unit Windjammer Apartments in Charleston, S.C.; and the 272-unit Heron Reserve in Charleston.
MACON, GA. — Newmark Realty Capital has arranged $1.26 million in financing for acquisition of Walnut Hills Apartment Complex in Macon. The 100-unit community was 96-percent occupied at the time of closing. Adam Parker of Newmark's Phoenix office arranged the financing for the undisclosed borrower. The 25-year term loan has a fixed-interest rate period for 5 years.
NEW YORK CITY — Marcus & Millichap has brokered the sale of the Staten Island Package, a 180-unit multifamily portfolio located in Staten Island, for $7.5 million. The buildings were constructed in the late 90's and are located at 331 Harbor Road, 25 Slaight St. and 70 Kimberly Lane. The sale price equates to a 10.24 percent capitalization rate. Marco Lala of Marcus & Millichap's Manhattan office represented the seller, a private investor, as well as the buyer, an institutional client.
TRUCKEE, CALIF. — Grubb & Ellis has facilitated the $6.1 million sale of the 96-unit Sawmill Heights Apartments, located at 7646 Highlands View Road in the Northstar-at-Tahoe Resort in Truckee. Primarily occupied by employees of the resort, the property was sold by Northstar Community Housing Corp. to KG Investors LLC. Constructed in 2006, Sawmill Heights features units ranging in size from studios to four bedrooms. Grubb & Ellis’ Jim Donovan represented both parties in the transaction.
PORTLAND, ORE. — Hendricks & Partners has negotiated the $9.5 million sale of the 72-unit Uptown Tower, an apartment building located at 712 SW Saint Clair Street in downtown Portland. Designed and built in 1983 as affordable housing for the elderly, the property consists of eight levels of one-bedroom, one-bath apartments, along with ground-floor retail space. Hendricks & Partners’ Robert DiPietrae represented the Lahaina, Hawaii-based seller, Uptown Associates Ltd., in the transaction; the hometown buyer was Uptown Tower Apts. Limited Partnership.